# Biglari Holdings Inc.: overview

BH-A · NYSE · CIK 1726173 · [Consumer discretionary](/sectors/consumer-discretionary.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/bh-a.md) · [Financials](/companies/bh-a/financials.md) · [Filings](/companies/bh-a/filings.md) · [Insiders](/companies/bh-a/insiders.md)

Latest reported revenue: [$108.5m](/filings/0001628280-26-054841.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 7, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-054841).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [90.4](/filings/0001628280-25-050620.md) | [91.1 d](/filings/0001628280-26-012987.md) | [95.0](/filings/0001628280-26-032880.md) | [101](/filings/0001628280-26-054841.md) | [99.7](/filings/0001628280-25-050620.md) | [99.9 d](/filings/0001628280-26-012987.md) | [97.5](/filings/0001628280-26-032880.md) | [109](/filings/0001628280-26-054841.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [35.5%](/filings/0001628280-25-050620.md) | [(11.3%) d](/filings/0001628280-26-012987.md) | [(35.0%)](/filings/0001628280-26-054841.md) | [50.6%](/filings/0001628280-26-054841.md) | [(5.3%)](/filings/0001628280-25-050620.md) | [(49.9%) d](/filings/0001628280-26-012987.md) | [(14.9%)](/filings/0001628280-26-054841.md) | [36.8%](/filings/0001628280-26-054841.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | [3.7 d](/filings/0001628280-25-050620.md) | [10.9 d](/filings/0001628280-26-012987.md) | [8.5](/filings/0001628280-26-032880.md) | [39.4 d](/filings/0001628280-26-054841.md) | [22.3 d](/filings/0001628280-25-050620.md) | [6.4 d](/filings/0001628280-26-012987.md) | [13.4](/filings/0001628280-26-032880.md) | [8.3 d](/filings/0001628280-26-054841.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [366](/filings/0001726173-24-000004.md) | [368](/filings/0001726173-25-000003.md) | [365](/filings/0001628280-26-012987.md) | [362](/filings/0001628280-26-012987.md) | [395](/filings/0001628280-26-012987.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [9.7%](/filings/0001726173-24-000004.md) | [(8.7%)](/filings/0001726173-25-000003.md) | [15.0%](/filings/0001628280-26-012987.md) | [(1.0%)](/filings/0001628280-26-012987.md) | [(9.5%)](/filings/0001628280-26-012987.md) |
| Diluted EPS | $ per share | [111.83](/filings/0001726173-24-000004.md) | [(107.43)](/filings/0001726173-25-000003.md) | [189.49](/filings/0001628280-26-012987.md) | [(13.45)](/filings/0001628280-26-012987.md) | [(143.86)](/filings/0001628280-26-012987.md) |
| Free cash flow | $m | [164](/filings/0001726173-24-000004.md) | [98.1](/filings/0001726173-25-000003.md) | [49.6](/filings/0001628280-26-012987.md) | [19.1](/filings/0001628280-26-012987.md) | [76.6](/filings/0001628280-26-012987.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/bh-a/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BIGLARI CAPITAL CORP.](/funds/1334429.md) | 2026-06-30 | $627.2m | 1,472,237 |  | Added +54,952 |
| [BIGLARI CAPITAL CORP.](/funds/1334429.md) | 2026-06-30 | $325.1m | 154,474 |  | Unchanged |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $45.3m | 106,257 |  | Added +4,010 |
| [GAMCO INVESTORS, INC. ET AL](/funds/807249.md) | 2026-06-30 | $23.2m | 11,038 |  | Reduced −191 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $21.6m | 50,618 |  | Added +42,023 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $19.7m | 46,135 |  | Added +1,089 |
| [MARSHALL WACE, LLP](/funds/1318757.md) | 2026-06-30 | $13.2m | 31,016 |  | Reduced −1,191 |
| [RENAISSANCE TECHNOLOGIES LLC](/funds/1037389.md) | 2026-06-30 | $12.8m | 6,065 |  | Added +305 |
| [RENAISSANCE TECHNOLOGIES LLC](/funds/1037389.md) | 2026-06-30 | $12.2m | 28,627 |  | Added +6,885 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $12.1m | 5,753 |  | Reduced −40 |

## Recent filings

[All 238 filings](/companies/bh-a/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-07 | 20:15 ET | [8-K](/filings/0001628280-26-054846.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-054846 |
| 2026-08-07 | 20:14 ET | [10-Q](/filings/0001628280-26-054841.md) | Quarterly report, period 2026-06-30 | 0001628280-26-054841 |
| 2026-05-08 | 20:17 ET | [8-K](/filings/0001628280-26-032884.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-032884 |
| 2026-05-08 | 20:15 ET | [10-Q](/filings/0001628280-26-032880.md) | Quarterly report, period 2026-03-31 | 0001628280-26-032880 |
| 2026-04-10 | 00:18 ET | [8-K](/filings/0001628280-26-024565.md) | 5.07 Shareholder vote results | 0001628280-26-024565 |
| 2026-03-31 | 20:16 ET | [10-K/A](/filings/0001628280-26-022422.md) | Annual report, amended, period 2025-12-31 | 0001628280-26-022422 |
| 2026-03-11 | 20:34 ET | [DEF 14A](/filings/0001628280-26-016859.md) | Proxy statement, period 2026-04-08 | 0001628280-26-016859 |
| 2026-03-02 | 11:35 ET | [8-K](/filings/0001628280-26-012988.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001628280-26-012988 |
| 2026-03-02 | 11:32 ET | [10-K](/filings/0001628280-26-012987.md) | Annual report, period 2025-12-31 | 0001628280-26-012987 |
| 2025-11-21 | 17:40 ET | [8-K](/filings/0001628280-25-053527.md) | 7.01 Regulation FD disclosure | 0001628280-25-053527 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-012987.md), filed Mar 2, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/3bfcd9a3-793b-4edb-a248-f17d06291bdd)

## About the filer

- CIK: 1726173
- Tickers: BH-A, BH
- Exchange: NYSE
- SIC code: 5812 Retail-Eating  Places
- State of incorporation: IN
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:46 ET. No prices; not investment advice.